The University Record, September 27, 1999 Editor’s Note: Changes proposed for Regents’ Bylaw Section 3.07 are indicated below. Comments should be directed by Oct. 11 to the Office of the Vice President and Secretary of the University by fax, 763-8011, or via e-mail sent to italics . Deletions are in strikethrough .
Bylaws Sec. 3.07. Approval and Execution of University Documents (revised June 1994)
1. All transactions involving the purchase, sale, or other disposition of real property shall be first approved and authorized by the Board. Unless otherwise specifically provided by the Board, all land contracts and deeds conveying University property shall be executed by the president and the executive vice president and chief financial officer.
a. All sales of donated or bequeathed real estate located outside the Ann Arbor, Dearborn, or Flint campus areas regardless of the sales price; real estate that funds a Unitrust for any amount or location; and bequeathed or devised real property requiring action by an estate executor, personal representative or a trustee may be approved and authorized by the executive vice president and chief financial officer. The resulting land contracts and deeds shall be executed by both the president and the executive vice president and chief financial officer. These transactions will be reported to the Regents in an Item of Information.
b. Any sale authorized by the executive vice president and chief financial officer must equal or exceed the appraised value except for fractional interest estate properties. For those properties held in an estate in which the University’s interest is fractional, the University will cooperate with the estate’s legally appointed representative regarding terms and appraisal requirements to accomplish a sale.
2. Transactions involving personal property shall be approved and executed as follows:
a. The investment or reinvestment of gift, trust, agency, and deposit funds, the purchase and sale of personal property acquired in connection with the investment or reinvestment of such funds, and the approval of real estate mortgages may be made by any two of the following officers: the president, the executive vice president and chief financial officer, the associate vice president for finance, the controller, and the treasurer and investment officer. Any two of the said officers are hereby authorized and empowered to execute and deliver the documents necessary to complete the sale of any stocks, bonds, evidences of indebtedness or other securities, including rights and options to acquire or sell the same owned or held by the Regents of the University of Michigan. The transfer of any such securities by the officers herein authorized shall be sufficient to convey ownership to the transferee.
b. All contracts for sponsored research and supplements thereto, including agreements for fellowships, scholarships, and grants-in-aid, and all contracts covering payment for tuition and supplies may be executed by the executive vice president and chief financial officer. and Tthe executive vice president’s signature shall be certified by the vice president and secretary where such certification is requested. Where the commitments fall within the normal activities of the University; provided, however, the executive vice president and chief financial officer is authorized to delegate in writing to designated representatives authority to execute:
(i) All such contracts described in this subsection (b) and/or applications for grants or contracts where the amount involved is less than $750,000;
(ii)v and/or Ttraining grants and/or fellowship programs awards where the amount does which do not exceed a rate of $250,000 per year; and
(iii) applications for grants and contracts where the commitments anticipated fall within the normal activities of the University.
c. All discharges of mortgages and cancellations of land contracts may be executed by any two of the following officers: the president, the executive vice president and chief financial officer, the vice president and secretary, the associate vice president for finance, the controller, and the treasurer and investment officer.
d. All routine contracts for the purchase, sale or loan of supplies or equipment within authorized budgets may be executed by the executive vice president and chief financial officer, provided, however, that the executive vice president and chief financial officer is authorized to delegate in writing to the vice president and secretary, the associate vice president for finance, the associate vice president for business operations, [or] the purchasing agent, or other designated representatives authority to execute such contracts.
3. In case the president is absent or for any reason is unable to execute documents requiring the president’s signature, then they shall be executed on the president’s behalf by the executive vice president and chief financial officer. In the event the executive vice president and chief financial officer acts on behalf of the president or in the event of the absence or inability to act of the executive vice president and chief financial officer, then the associate vice president for finance, the controller, or the vice president and secretary may execute such documents.
4. All other documents involving real or personal property transactions and vendor service contracts shall be executed by the executive vice president and chief financial officer; provided, however, that the executive vice president and chief financial officer may delegate in writing to the vice president and secretary, the associate vice president for finance, or other designated representatives authority to execute such documents.
